Louisiana Code of Civil Procedure 2374 – Property subject to superior mortgage; payment of price
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Terms Used In Louisiana Code of Civil Procedure 2374
- Lien: A claim against real or personal property in satisfaction of a debt.
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
If there is a security interest, mortgage, lien, or privilege on the property superior to that of the seizing creditor, the purchaser shall pay to the sheriff only that portion of the sale price which exceeds the amount of the superior security interest, mortgage, lien, or privilege.
Acts 1989, No. 137, §18, eff. Sept. 1, 1989.